Get set for scorching growth, Bengaluru

City will be the third fastest growing city in the world in the 2019-2035 period

It is projected that in 15 years, Bengaluru will be the third fastest growing city in the world.

As per the study by Oxford Economics, Bengaluru, with an average annual growth of 8.5%, will be the third fastest growing city in the world during the period 2019-2035. In fact, the study projects that the top 10 fastest growing cities in the world between 2019-2035 would be Indian cities with Surat in the top spot followed by Agra and Bengaluru.

The other Indian cities to make it to the list are Hyderabad at number four followed by Nagpur, Tiruppur, Rajkot, Tiruchirapalli, Chennai and Vijayawada.

Oxford’s head of global cities research, Richard Holt, who has penned the report has projected that the average annual project growth for Surat and Agra would be 9.17% and 8.58 % respectively.

So, what are the factors that would trigger the growth to make Bengaluru the third fastest city in the world over the next 15 years?

According to urban affairs expert V Ravichander, Bengaluru is the cradle for economic activity and is at present home to about 35 to 40% of India startup ecosystem, aerospace technology and software and bio technology exports.

“About 35 to 40 % of the startups are based here, 30 to 35% of the aerospace companies are in Bengaluru. The city contributes to 35 to 40% of the software exports and it is the same with bio-technology as well. All this, which is already contributing to the ecosystem, will further fuel growth,” Ravichander said.He added that at Bengaluru, more people with inherent competence are expected to come and fuel the growth. However, Ravichander has cautioned that growth alone should not be the focus area and that enough emphasis should be given to upgrade infrastructure and improve the quality of life.

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“While we are innovating, the infrastructure and the quality of life also need to be upgraded. We cannot take things for granted; otherwise, we would go the Detroit way. The city had its heyday and now you can see what is happening there. We have to fix the infrastructure problems,” Ravichander cautioned.

The Oxford Economics report further states that in 2027, the aggregate GDP of all Asian cities will for the first time exceed the combined GDP of all North American and European cities. “New York will still be the largest urban economy in the world in 2035, however, with the largest finance & business services sector. It will be followed by Tokyo and Los Angeles, with Shanghai now tied with London for fourth place. Paris will slip in our GDP rankings,” the report states.

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